Access Bank International Transfers & Exchange Rates

Since its humble beginnings 26 years ago, Access Bank has bloomed into an exceptional financial institution in Africa, making it onto the list of top five largest banks in Nigeria. Following its successful foray into corporate banking, Access Bank has grown exponentially and this review will assess the bank’s international services to determine if it is a worthy money transfer contender.

About Access Bank

Access Bank is a comprehensive commercial bank with over 305 branches and service outlets in key cities in Nigeria and Sub-Saharan Africa, the UK, Asia, and the Middle East. The bank was founded in 1998 and is listed on the Nigerian Stock Exchange, serving each international market through four dedicated departments: personal, business, commercial, and corporate and investment banking.

The bank has approximately 830,000 shareholders including many Nigerian and international institutional investors, achieving some of the most successful banking growth paths in Africa in the past decade.Access Bank is committed to incorporating sustainable business practises into its operations and aims to achieve profitable, ecologically responsible, and socially meaningful long-term economic growth.

The bank has been consistently reaping the awards for its innovative systems and robust performance, receiving five prestigious awards in 2021 alone. These awards include the title of Best Mobile Banking App Nigeria, Best CSR Bank Nigeria, Best Banking CEO of the Year Africa, Best Commercial Bank Nigeria and Sustainable Bank of the Year Africa.

Can I Use Access Bank for International Bank Transfers?

Yes, Access Bank allows its customers to receive funds from friends and family abroad, in US Dollars. This is in response to the Central Bank of Nigeria's (CBN) announcement that recipients of international remittances can receive funds in USD or have funds paid directly into their local accounts.

Other Ways to Send Money With Access Bank

Access Bank has other channels that allow its customers to send money abroad. These channels include the Access Bank mobile app, AccessAfrica, Instant Electronic Funds Transfer, or the USSD Code 901#. AccessAfrica is another means to remit funds worldwide and caters to all customer demographics.

Access Bank Exchange Rates and Fees

Rates and transfer fees are among the most critical factors influencing the cost of international remittances. Here’s what to expect from Access Bank.

Exchange Rate

Access Bank exchange rate guidelines are not available on their website. The bank’s treasury avails them at the branches. There’s also no information about the exchange rate margins.

The bank’s customers should expect a rate markup of between 1% to 7% above the mid-market rate.

Transfer Fees

The Access Bank international wire transfer fees follow a simple structure:

• Account Holders: A fee of $10+0.4% variable fee on principal

• Non-account Holders: A fee of $12+1.4% variable fee on principle.

Additional Costs

Access Bank does not list any additional costs for outbound or inbound transfers.

Transfer Fees

Access Bank’s Intra Bank Transfer (payments sent between two different Access Bank accounts) and Air-Time Recharge (airtime top-up) are free.

However, charges are issued for the following Interbank Transfers between accounts held outside Access Bank’s network:

• 100 (0.24 USD) for transfers less than 500,000 (1,219.10 USD)

• 200 (0.48 USD) for transfers between 500,000 and 1M (1, 219.10 - 2,438.21 USD)

• 600 (1.46 USD) for transfers between 1M and 10M (2,438.21 - 24,382.18 USD)

• 1,000 (2.43 USD) for transfers above 10M (24,381.18+ USD)

• 100 (0.24 USD) is charged for foreign currency bill payments

There are no transfer fees for incoming wire transfers, but a commission of 0.5% is charged for outgoing SWIFT transfers plus applicable offshore bank charges apply.

For Electronic Funds Transfers (EFT), the Following Transfer Fees are Charged By the Bank:

• Below 5,000 (12.19 USD) = fee of 10 (0.02 USD)

• 5,0001 to 50,000 (12.19 - 121.94 USD) = fee of 25 (0.06 USD)

• Above 50,000 (121.94 USD) = fee of 50 (0.12) USD

RTGS transfers fetch a fee of 950 (2.31 USD)

For transfers made through the Instant Electronic Transfer Fund, Access Bank charges 52.50 (0.12 USD) per transaction, inclusive of VAT.

Using Access Bank’s Electronic Banking Services, Customers May Expect the Following Charges:

• Intra-bank Free of charge

• Inter-bank 50 + correspondent bank’s charge

• Transfers to non-- account holders, 50 + correspondent bank’s charge

Access Africa Charges the Following Fees for Remittance:

• For account holders: $10 + 0.4% on the principal

• For non-account holders: $12 + 1.5% on the principal

Additional Costs

There are no enrolment fees, monthly fees, or recurring costs; nevertheless, transaction fees apply. Withdrawals are subject to a 5% cash processing fee.

Access Bank offers USSD (*901#) banking service for free, but the telco charges 6.98 (0.01 USD) for all transactions.

How Do Access Bank Transfer Fees Compare to Using a Money Transfer Provider?

If you are an account holder at Access Bank, arranging an overseas money transfer through your bank may seem like a no-brainer. However, the extensive, multilayered fee structures applied by the bank (as listed in the above section) are far more complicated than the majority of leading money transfer operators in the remittance industry.

Expert money transfer providers such as TorFX, WorldRemit and Wise offer far more straightforward fees than banks like this one. This is because money transfer specialists specialize in global remittances and can therefore provide a far more hassle-free service.

It is not entirely clear, therefore, what the rate of exchange will be for international transfers, but many traditional banks charge mark-ups ranging 4 - 8% above the mid-market rate. For this reason, we implore our users to seek out the true exchange rate for their currency pairing, using a trusted platform like XE, before trusting the conversion rate provided by Access Bank.

Access Bank SWIFT Codes

International money transfers require SWIFT codes, which serve as identifiers of various financial institutions. Here are the SWIFT codes for Access Bank:

Access Bank Pros and Cons

In this section we will present the leading upsides and downsides of Access Bank money transfers:

How to Send and Receive Money With Access Bank

Access Bank offers several options for sending and receiving money, and we will be running through the various types of options available to customers..

Sending Money

Via Air-time Recharge Transfer

• Step 1: Dial *903# on your mobile phone.

• Step 2: From the menu, select the “Send Money” option.

• Step 3: Select to Access Money Account.

• Step 4: Key in the beneficiary’s phone number and the amount to be transferred.

• Step 5: Input your PIN for transaction validation.

• Step 6: Wait for an SMS notification that the transaction has been processed.

Via Interbank Transfer

• Step 1: Dial *903# on your mobile phone.

• Step 2: From the menu, select the “Send Money” option

• Step 3: Select to Bank Account

• Step 4: Select the Bank Name.

• Step 5: Type in the Account Name.

• Step 6: Input the amount to be transferred.

• Step 7: When prompted, type in your PIN to validate the transaction.

• Step 8: Wait to be notified via SMS that your transaction has been processed.

Via Access Bank Mobile App

• Step 1: Download the app and register with Access Bank’s internet banking platform.

• Step 2: Launch the Access Mobile banking app on your device.

• Step 3: Login to your registered account.

• Step 4: Select the Transfer option.

• Step 5: Select the bank you want to transfer to.

• Step 6: Enter the account details and the amount to be transferred.

• Step 7: Generate a one-time password (OTP) for the transaction.

• Step 8: Using your OTP, verify the transaction.

• Step 9: Once the transaction is verified, click on the “Submit” icon.

• Step 10: Wait for the debit alert confirming that the transaction has been processed.

Via Access Bank Online Banking

• Step 1: Log in to your Access Bank internet banking facility

• Step 2: Choose 'Bank transfer' as your chosen method of payment.

• Step 3: Click on the 'Continue' button.

• Step 4: Set the payout network for the bank to 'Deposits to Access (Diamond) Bank NGN Accounts ONLY.'I

• Step 5: Add a new recipient's information or pick someone you've already sent money to.

• Step 6: Once the transfer is complete, you and your receiver will get SMS or email alerts.

Receiving Money

Access Bank allows its customers to receive money through one of its money transfer providers, WorldRemit.

The beneficiary can either pick up the cash in US dollars at any Access Bank branch or deposit the money to their domiciliary account.

For cash pick-up, the beneficiary must bring with them any of the following valid identifiers:

• Nigerian International Passport/Foreign Passport

• Driver’s License

• Permanent Voter’s Card

• National Identity Card

• Bank Verification Number

Additional Information

With Access Bank, it does not matter if the person they are sending money to does not have an Access Bank account. They may send money instantly to or in almost real-time.

How to Open an Account and Transfer Money With Access Bank

Customers have to visit a branch. After opening your account, you’ll be able to access your account remotely.

Opening an Account

There are various account opening requirements. This is what you’ll need:

• Completed account opening form.

• Identification(ID, passport, driver’s license).

• KYC documentation, valid proof of residence, and one passport photo.

• BVN of signatory

• AML risk assessment

Transferring Money Internationally With Access Bank

Wondering how to transfer internationally with Access Bank? You can visit the branch or use the online banking portal. Let’s see how you can transfer money abroad using online banking.

• Step 1: Log in to your account.

• Step 2: Select bank transfer and enter the transfer details.

• Step 3: Enter the recipient details.

• Step 4: Confirm the transfer details and sanction the transfer.

What Customer Support Options Are Available?

See below the communication channels you can use to contact Access Bank customer support.

Summary

Access Bank has developed sophisticated analytics, cloud computing, artificial intelligence, machine learning, and robotic process automation to reform their operations and improve customer experience. As a result, the bank has found several ways to facilitate money transfers on behalf of their customer base.

However, the lack of transparency, customer support and straightforward fees, makes it a problematic provider and not as favourable as the majority of money transfer operators in the remittance world. Find out for yourself how much money can be saved by using our comparison tool to weigh up the available options.

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